"Secondly, the relatively low expectations that investors have around earnings. Now analysts have started to upgrade those, but certainly still earnings expectations are relatively low and markets have benefited from that," he added.
"Investors are quite skeptical, a lot of cash as well with our clients but also when you look at surveys, U.S. investors are only 23% bulls, usually that is between 20% and 45% so we are at the bottom end," Sels said.
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